The official website of the Shanghai Stock Exchange shows that the IPO registration of Yushu Technology Co., Ltd. on the Science and Technology Innovation Board has taken effect. Yushu Technology's IPO was accepted on March 20. On June 1, the Shanghai Stock Exchange Listing Review Committee held its 31st review meeting in 2026. The review results showed that Yushu Technology Co., Ltd.'s initial offering complied with the issuance conditions, listing conditions and information disclosure requirements.
On June 2, the review status of the IPO of Yushu Technology Co., Ltd.'s Science and Technology Innovation Board was changed to "submit for registration."
On July 2, the official website of the China Securities Regulatory Commission showed that the China Securities Regulatory Commission approved Yushu Technology Co., Ltd.’s registration application for the initial public offering of shares and listing on the Science and Technology Innovation Board.
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Public information shows that Yushu Technology focuses on the research and development, production and sales of high-performance general-purpose humanoid robots, quadruped robots, robot components and embodied intelligent models.
According to the prospectus, the company's revenue increased from 159 million yuan in 2023 to 1.699 billion yuan in 2025, during which the compound growth rate of annual operating income reached 226.78%; during the same period, the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses increased from -18.0191 million yuan to 591 million yuan, and the gross profit margin of the main business also increased from 44.22% to 60.13%.
Specific to the product revenue structure, humanoid robots and quadruped robots contribute the main part. From 2023 to 2025, Yushu Technology’s quadruped robot revenue will be 119 million yuan, 231 million yuan, and 698 million yuan respectively, accounting for 75.78%, 59.47%, and 698 million yuan respectively. 41.62%; humanoid robot revenue was 2.9671 million yuan, 107 million yuan, and 868 million yuan respectively, accounting for 1.88%, 27.68%, and 51.78% respectively.
It is worth noting that Yushu Technology’s humanoid robots derive a relatively high proportion of their revenue from the field of scientific research and education. From January to September 2025, the company's humanoid robots accounted for 73.60% of its revenue from the field of scientific research and education.
According to the information disclosed in the prospectus, Yushu Technology's revenue growth slowed down and net profit fell year-on-year in the first quarter of this year.
Yushu Technology achieved operating income of 423 million yuan from January to March 2026, with the year-on-year growth rate falling back to 68.49% from 332.64% in the previous year. At the same time, due to a significant increase in R&D expenses, sales expenses and other period expenses, the net profit after deduction dropped from 84.8365 million yuan in the same period last year to 40.2536 million yuan, with a year-on-year decrease of 52.55%.
Yushu Technology explained in its prospectus that in the first quarter of this year, the company continued to increase investment in technology research and development and new product development in areas such as robot body and structure research and development, embodied intelligent large models, and motion control algorithms, and expanded its research and development team, driving a year-on-year increase of 38.328 million yuan in current research and development expenses. At the same time, the company used platforms such as the 2026 CCTV Spring Festival Gala to carry out brand promotion. The increase in sales expenses in the current period was relatively large, causing the company's net profit from January to March 2026 to decline year-on-year compared with the same period last year.
In addition, Yushu Technology also predicts that operating income from January to June 2026 will be approximately 1.052 billion yuan to 1.128 billion yuan, a year-on-year increase of approximately 35.62% to 45.41%; also due to the rapid increase in R&D investment and other expenses during the period, the net profit after non-exclusion is expected to be approximately 236 million yuan to 283 million yuan, a decrease of approximately 21.97% to 6.43% compared with the same period last year. The year-on-year decrease in the first quarter of 2026 will be significantly reduced and rebounded.
According to the prospectus, Yushu Technology plans to raise approximately 4.202 billion yuan, which will be used for intelligent robot model research and development projects, robot body research and development projects, new intelligent robot product development projects, intelligent robot manufacturing base construction projects, etc.